Searching for a rental property can be a daunting task, and rampant rental scams only serve to make the hunt for a new place to live more difficult. Rental scams occur when someone misrepresents a property or the terms of a lease in order to squeeze money out of unsuspecting renters.
Often, scammers achieve this by taking a legitimate rental property listing, copying the information and simply changing the contact information to their own. When hopeful renters come across the listing and reach out about the property, the scammers use that opportunity to trick them into handing over money for application fees, first month’s rent or a deposit.
In addition to copying legitimate listings, some scammers create listings for rentals that either aren’t currently for rent or don’t actually exist. During the fake leasing process, they will often utilize excuses to explain why the potential renter will be unable to tour the property prior to paying for it or signing a lease.
To protect themselves from these scams, the FTC recommends renters take the following precautions:
- Insist on seeing the property in person before signing a lease or paying any money.
- Never pay with cash, wire transfers, gift cards or cryptocurrency.
- Never give personal information to anyone who contacts you claiming to work with the owner or rental company.
- If you notice a listing you suspect is a scam, report it to the FTC and your state’s attorney general.
In the slideshow above, we’ll look at seven rental scam red flags that consumers should keep an eye out for, courtesy of Equifax.
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